Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Abstract: Subordination in up-stream financing – The article aims to offer the reader some critical aspects regarding up-stream financing, starting from the exegesis of its former discipline and continuing with the analysis of the current one, introduced by Codice della crisi d’impresa e dell’insolvenza. In support of the proposed reasoning, the author has attributed decisive importance to the analysis of the functions performed by the discipline and to the reasons behind the application of subordination in intra-group financing. The article is concluded by remarks on the topic, highlighting the need for a corrective legislative intervention that would give uniformity to the discipline.  

Sommario: 1. Premessa – 2. Il problema dei finanziamenti ascendenti nel sistema del Codice civile – 3. La disciplina nel Codice della crisi d’impresa e dell’insolvenza – 4. Considerazioni finali.

Keywords: Subordination — Intra-group Financing — Up-stream Financing — Group of Companies — Italian Insolvency Code — Commercial Law — Company Law.